The interest rates charged on credit and store cards can vary widely. That applies not only to the headline rate ' the interest rate that appears as a 'typical' rate in advertising and marketing literature ' but also to individual customers; according to their personal credit rating.
There is a plethora of different credit cards available in the UK, all designed to do different things. Some are loyalty based cards which allow users to rack up points or rewards that they can redeem at a later date. Others offer cashback, some are designed for everyday use offering no frills and charge a low rate of interest and others may be primarily marketed at people who wish to transfer a balance to a permanently low rate.
In addition, there are cards aimed at particular individuals such as starter credit cards for young adults and other potential card holders who have not yet managed to build up a credit rating profile, such as people new to the country. These cards tend to offer relatively high interest rates as they are designed to be used by people whose ability to handle credit has not been tested. However, providing the accounts are handled satisfactorily, with payments being made on time and the credit limit is not exceeded, then they will help the user build a good credit rating.
On the other hand a
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Andrew Regan writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.